If you have an existing FHA loan on your primary residence and a fairly good credit score, you may be able to take advantage of the FHA Streamlined Refinancing Program, which eliminates many of the complex steps involved in a typical FHA refinance. No appraisal is required as long as the borrower reduces their payment by 5 percent, which has caused many to liken this program to the HARP 2.0 program.

Key requirements of the FHA Streamlined Program include the following:

Your original FHA loan must have been taken prior to 2009.

You must have made payments on time for at least one year and must be current on your payments at the time of application.

Your lender must be FHA approved.

You must have owned the property for at least 6 months prior to refinancing.

You will be limited to the amount of your original loan unless you pay for a new appraisal to show that the home value has increased.